觀點投資

Tech stocks: pegged on some metrics, prices have yet to peak
美國科技股貴不貴?不如換個指標

Traditional valuations may not offer quite as precise a picture of how much companies are worth
Lex專欄:追捧者稱,對於高成長的科技企業,不宜使用傳統的本益比指標來衡量估值,計入成長預測的PEG比率也許是更準確的指標。

Investors patiently waiting for tech sector valuations to collapse following last year’s stock price slide will find themselves still on hold. The sell off prompted more companies to focus on profit rather than revenue growth. But excitement around artificial intelligence gave the industry a bump. Traditional valuation metrics such as forward price-to-earnings ratios remain far above average. 

去年科技股下跌後耐心等待該板塊估值暴跌的投資者,將發現自己仍在等待。那波拋售促使更多公司關注利潤而不是營收的成長。但是,圍繞人工智慧(AI)的興奮情緒提振了科技行業。預期本益比(forward P/E ratio)等傳統估值指標仍遠高於平均水準。

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